Robinhood priced its IPO at the bottom of its price range at $38 a share on Wednesday, giving it a valuation of just under $32 billion.
Why it matters: The no-fee trading app maker made an unusually large allocation of its IPO shares available to retail investors, which is expected to make its opening day on the market less predictable.
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Details: The company raised about $1.89 billion from the sale of 52,375,000 IPO shares. Existing stockholders are selling 2,625,000 shares, for a total of 55 million shares available in the offering.
The company previously announced a price range of $38-42.
Between the lines: The conservative IPO pricing reflects some investors’ discontent with the high valuation Robinhood sought, as well as an attempt to ensure its price rises at least somewhat during its first trading day, according to the WSJ.
Editor's note: This story has been updated throughout.
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